Somaliland
Seminar about Somaliland economy held at Abaarso Tech
May 25, 2011 · 19 Comments
Hargeisa- A business seminar about Somaliland economy and businesses was held yesterday afternoon at Abaarso Tech Training center for business community; a place where business leaders go to hone their skills. Guest speakers consisted of Abdirashid Duale, CEO of Dahabshiil Company, Hassan Bulbul, Hadhwanag Hotel and an Entrepreneur and Muniir Haji Abdullahi of Daallo Airlines. Jonathon Starr from Abaarso Tech boarding school moderated the discussion. Hargeisa business professionals and Abaarso tech attended the seminar.
The seminar was organized by Abaarso Tech Business School, which is headed By Jothana Starr. Mr. Starr studied economics at Emory University. He founded of Flagg Street Capital, a private Investment Company that managed more than $170 million in assets. Before he found Flagg Street, Jonathan worked as an analyst at SAB Capital and Blavin & Company. In January 2010, Mr. Starr helped to launch Abaarso Tech University (ATU) with the MBA program, the first post-graduate program in business in Somaliland.
The purpose of seminar was to help students and Somaliland young professionals to explore the prospects of new business opportunities in Somaliland. The seminar covered assessment of major business in Somaliland and changing landscape of business opportunities. Participants discussed the economic changes in Somaliland and what the future holds for young entrepreneurs.
When asked about how Somaliland business landscape in the next 5-10 years, Dahabshiil CEO answered Abdirashid answered, “creation of business does not come from void. There must be need and opportunity for any new ventures. I see private hospital growing in the next few years. So many somalilanders go to the neighboring countries for medical checkup and basic treatment. Somaliland doctors must come up with ways to help somalilanders to be treated in their country.” Abdirashid predicted growth in the energy sector. Muniir Haji Abdullahi of Daallo Airlines said that investment in natural resources like fishery, agriculture and mining would be one of the fastest growing areas of Somaliland economy. Hashwanage hotel owner Hassan Bulbul agreed with them and emphasized that food sacristy will eventfully will lead to investment in food production, especially in fishing and sea resources.
The speakers also answered questions on whether Somaliland can be an agricultural exporter. They all agreed that it Somaliland can export agriculture products. They talked about the past during Siad Barre’s era when Somalia exported row sugar and bananas and there were a lot of manufacturing industries in the country. Dahabsill CEO argued that Somaliland government’s investment in manufacture sector will lead increase in exports and reduce unemployment in the country. They emphasis that Somaliland is not a desert area; it receives rain twice in a year and we can build dams to act as water reservoirs to prevent excessive water getting directly into the sea.
Panel and participants thanked Jonathon Starr for his role in the development of the country particularly in education sector. Hassan Bulbul who talked about this said “Jonathon and the other teachers in Abaarso Tech came all the way from America to teach somalilanders world-class education at a low price. This is really something that we should praise them for. I went to US to study where I could not speak good English and the tuition was beyond what I could afford. And here in Abaarso, the tuition fee is low and you can get help at anytime. I wish I could had this chance as young man.”
Reported by Fuad Abdi Aidid
Hargeisa, Somaliland
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Somalilanders are very fortunate to have this opportunity and I commend the local business groups who took the time to explore this important issue. I would like to encourage business groups to come together and invest in Solar energy or wind turbines. I believe Africa must learn from other countries who fell into the trap of using their natural resource as oppose to saving their environment. Companies such as MGT AVEC have an office in Djibouti to supply business and I sincerely recommend Somalilanders who build new infrastructures should consider going green. Countries such as Ethiopia are supplying electricity to it boarding Somaliland cities but this is not good. We must be economically Independent and promote sustainability over convenience. The Oil gas exploration is another concern that will affect our environment. More reason to use solar and export without compromising our environment. Berber must try to watch for toxic chemicals in its sees etc. If we start now we will be in good shape for the next 40 years. Please try to promote solar energy etc.
It's a good move and should be encouraged, but people like Abdirashid Dualeh is requested to create business that other Somalilanders share with his company. Going along and grabbing everything that comes to light in Somaliland is wrong. Future business that he is thinking of must be business that is transparent and commonly benefited as many as possible, specially he has to tie up with Diasporas might have something to offer in this time of Somaliland infancy. He should be the frontrunner of creating business that his people share with him. If that does not happen he and his father's wealth will be seen [if not already, as I see these days] as treat to the stability of this country. I hope he heeds my advice to him.
Why are you so mad about dhahabshiil. Somaliland has plenty of other similar private business
like Dhahabshiil. In the private sector every Company in the Country excels to be the top business
enterprises. If Dhahabshill Company is too smart for others what's so wrong about that.
Cheers.
It simply means distributing wealth generating sources with in the public and preventing family owned business to dominate the investments of nation's natural resource, i.e,, dahabshiil's late attempt to loot berbera cement factory.
I agree I agree with the concern commented by Mr. Boqoljireh, taking all country resource and profit as monopoly is a treat to the stability and rule of law of this poor country.
All business owners who are in Somaliland should form a committee for future planning environment changes etc. These business rely on people using their services and should have lead role in making sure this doesn't become unpredictable thus loosing them business. Their longterm investments such as expansion or diversificatrion should be centred towards longetivity and reliability as well as committement to giving back something to the environment. Just because we don't pay taxes now doesn't mean we don't have a responsibility to ensure a bigger future for our people.
Dear Mohamed, I am not mad with Dhiigshiil or Dahabshiil whichever you like to call. Dahabshiil has done a wonderful business and he deserves a great deal of praise, but my point is, he should not be greedy to take everything during the period of Somaliland transition and infancy, and create a kingdom of wealth owned by a single family, while Somaliland needs collective and diversified business environment. Money is lethal weapon if not used wisely, and I see Dahabshiil not considering this, but widening his ego.
There are others who have some kind of wealth but, less opportunity is there for them at the moment, because they do not have the vision and courage to diversify their business. Another reason is that they do not have the ability to trust their offspring to take charge or lack of education.
Dont be like the jealous Moryaans and SSC militants—the name is Dahabshiil and its global. The mooryaans are upset because Al Barakat failed to gain Western clients and trust and as a result Bush regime blacklisted them. Dahabshiil on the other hand gained the trust of the world market because they are Somalilanders and non-radical people. Also its true Dahabshiil no longer relies on Somalis whether be the mooryaans or Somalilanders, its main clients are actually South Sudanese, Ethiopians, Eritreans and even Yemenis use it. I was surprised to meet someone from DR Congo who asked me for a Dahabshiil branch.
I totally agree with Boqolijireh, S/Land limited and poor economy cannot allow its potential asserts/future sectors be solely dominated by a single family.
The most disturbing thing as well is that Dhiigshiil/Dahabshiil does not even offer shares to the S/Land public for new business ventures …and why hasn't our 'gov' offered a public bidding for the Berbera cement factory?
To be honest monopoly isnt good for any economy and Somaliland is dominated by few companies those being Indhadeero Group, perhaps the largest, when Dahabshiil was only worth $500 in the late 70s, Indhadeero was already worth few millions. When Siad Bare came to power he tried to loot them and eventually forced them out off business but Abdi Awed Ali (AAA), the founder of the company, restarted his business in Ethiopia. They made their money from livestock and animal hides, lets remember, livestock was the biggest income earner and not remittance. Today IndhaDeero owns hotels, transport and logistics (ships, trucks, buses), restaurants, supermarkets, factories, etc.
Personally I like none of them whether be Dahabshiil, Deero, Somtel, Omar Company, Qaran Express…Daallo—-the country needs a new hero that gets into the mineral exploration and resources.
As far as am concerned if Dahabshiil, Deero,Somtel, Omar Company,Qaran express,Daallo
or whoever else is paying the Govt due taxes and their business licences are validated these
National Private sectors have the right to function freely without unnecessary problems regardless
of one family or else.
Cheers.
Guys, I thought Qaran Express is different as this company is not wholly owned by one individual but rather a collection of shareholders.
One truly excellent business individual who always offer shares to the Somali public when starting new business ventures is Abdirisak Isse, the co-founder of Qaran Express and the former Coca-Cola factory in Mogadishu.
I can remember when a number of my family relatives and friends were offered shares in 2005 for Qaran Express, and I must say it is something that they regret to this day as this company is now gradually taking over Dahabshiil, gaining market share and is the leading innovator in the money transfer business.
Duale
Ali and Boqoljire, Envious eats your faith and health. I advise you to seek Allah refuge
Sura Nisa, No. 4, verse 54 says: Or do they envy mankind for what Allah hath given them of his bounty?…
Supplication:
O Lord! We, too, seek refuge to You from the evil of the envious ones.
O Lord! We ask You to protect us from being envious of others, too.
Somaliland is talking business, the rest of the region is talking anarchy and piracy. How about that for contrast.
Mulla Duale Nasir & Kayse you both out of your mind. We are not against anyone, but telling our money men to distribute future business among those Somalilanders who can afford to buy shares and we must own business together. That is all what we said. Do not attach people for no reason. One more thing is that Mr. Mullah can you proof that Dahabshiil business is not melt with RIBA since the charge of $5 for each $100 is something that our people do not have a choice but to pay to help their families who are in need? It's just to get clarification since you seem to know religion more than me.
Correction: Do not attack people for no reason.
"Duale nasir" is just a typical narrow-minded Somali that wants to keep the status-qua. Rather we are the ones that want to open up our nation economy, diversify, innovate and help breed a culture of business in S/Land.
And for this to happen we must create a platform/system in which it would be the norm for new businesses to offer shares and investors to offer cash. We have a large Diaspora community and a skilful business community in S/Land and our gov should support the two. However, if our gov allows the same small business elite to dominate the small economy of S/Land, than I doubt that we will see any significant economic progress and the reduction of high youth and general unemployment in our country.
The domination of a small economy by a few business elite is bound to create corruption and stem the growth, diversification and the creation of a wider business community.
Remember Tunisia…….and who controlled all major business sectors…….?……AND what was the eventual public outcome?
You guys arepissed about Somali businessmen who worked hard for the money and who take corporate social responsibility seriously i.e. Dahabshiil donates $100,000 000 a year for CSR, while at the same time no one comments on the wealth, land and business grabbing from foreigners [none Somali people], the latest sector is the mineral and exploration sector which is currently under bidding from Chinese and English business men. Go figure.
Typical Somalis, keep your people down and kiss the foreigners a*ss.
It is true that the private sector companies should not act as if it is in a vaccuum amd give back to the community that brought it where it is: that is the Somaliland community inside and out. But the GIvernemnt itself shoul dmake sure that these companies pay their annual Zakahs so that it can be given to those less fortunate,including taking Zakah from Somaliland citizens who are capable of paying them. That is Justice.